After starting today’s trade at 284 in the interbank market, the Pakistani rupee strengthened even more versus the US dollar to extend its winning run to 22 days.
It was bullish around 11:30 PM, climbing as high as 279 after gaining Rs. 3 against the US dollar.
Later, between 1:30 and 2:30 PM, the interbank rate dropped to the 282 level before anchoring patterns for the rest of the day.
The PKR has increased by Rs. 24.36 in the last 19 sessions when compared to the US dollar.
Today’s open market rates were in the 278–283 area across several currency counters. The open market rate has significantly increased by about Rs. 56 versus the US dollar since September 4.
After gaining 93 paisas against the dollar today, the PKR increased by 0.33 percent to settle at 282.69 at the market’s close.
Today marked the rupee’s 22nd straight day of gains. As of this week, the difference between interbank and open market prices is just 5 rupees, down from a huge 52 rupees a month ago. The rates have dropped as low as 278 and since then have fluctuated briefly, reaching 283 today.
It is crucial to note that the rupee has lost approximately 63 since January 2023. It has fallen more than 110 rupees versus the dollar since April 2022. The PKR has increased by more than 90 paisas against the dollar, according to today’s exchange rate moves.
In an important development, it is anticipated that on October 15 the per-liter rates for both grades of fuel will fall significantly below 300 due to this week’s global oil prices, the sharp rise in the Pakistani Rupee, and Russia’s decision to lift the ban on pipeline diesel exports.
According to research by Arif Habib Limited, local gasoline and diesel prices should decrease by Rs. 41/liter and Rs. 19/liter in the upcoming fortnightly pricing starting on 16 October 2023, assuming that international prices and the Pakistani Rupee stay at the same level for the following 10 days.
On the interbank market today, the PKR was in the green relative to the majority of the other major currencies. It increased in value against the Canadian Dollar (CAD), the Euro (EUR), the Australian Dollar (AUD), the Saudi Riyal (SAR), and the UAE Dirham (AED) by 2 paisas, 9 paisas, 11 paisas, and 24 paisas, respectively.